AbaCore gets funding from Singaporean firm

ABACORE Capital Holdings Inc. on Monday said it had received a fresh infusion of funds worth $1.6 million (approximately P89.6 million) from a Singaporebased investment company.

The Singaporean firm, which has existing holdings in AbaCore, is a “longterm-oriented investment fund with a focus on businesses based in emerging Asia,” the listed firm said in a statement.

It added that the foreign company also intended to purchase up to $4.0 million (approximately P224.1 million) worth of shares “since AbaCore owns valuable land assets and has promising projects in progress.”

AbaCore told The Manila Times that the investment firm had asked that its name “not be disclosed.”

Philippine-based securities brokerage firm WeCap Financial Inc. and New York’s Auerbach Grayson & Co. (AGCO) facilitated the latest transaction.

“We believe this investment in AbaCore’s stock signifies the positive sentiment the company is receiving from the market,”WeCap President Job Ambrosio commented.

“WeCap is pleased to be given another opportunity to serve as a bridge for foreign investors that want to benefit from AbaCore’s solid financial results throughout the years,” he added.

In 2022, WeCap and AGCO also brokered the acquisition of AbaCore shares by institutional asset managers based in North America and Europe.

AbaCore last month reported that it successfully raised P227.5 million from the sale of a Batangas property of a wholly owned subsidiary, Omnilines Logistics International Network Inc.

The divestment was in line with AbaCore’s overall strategy to work with other entities and “maximize the potential of our portfolio,” Antonio Victoriano Gregorio 3rd, the company’s vice chairman, earlier said.

Originally incorporated in 1981 as a coal mining firm, AbaCore has since expanded into other sectors, including financial services, real estate, and gold mining, Securities and Exchange Commission data showed.

AbaCore shares on Monday were down by 0.81 percent at P1.23 each on Monday.